Page 386 - Fire Insurance Ebook IC 57

Fire and Consequential Loss Insurance
5% of the claim amount subject to minimum of Rs.25 lakhs. 25%

The insured can opt for even higher discounts than
mentioned. In that case he is offered even higher
discount.

Q6. Discuss the standard coverage, exclusions,
claims, availability of various policies in the
UK market.

Ans. There is no Fire Tariff in UK. However, the Association
of British Insurers (ABI) has issued a book " The
Recommended Practices, Wordings and Procedures
relating to Material Damage."

The standard fire policy covers only fire, lightning and
limited explosion. There are some Special Perils
Extensions:
(i) Perils of a chemical type: i.e, explosion, spontaneous

combustion.

(ii) Social Perils: i.e, riots, strike, malicious damage, civil
commotion.

(iii) Perils of nature: i.e, storm, tempest, flood,
earthquake, subsidence.

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